Cornell Corporate Card CORNELL LAW SCHOOL - TUTORIAL

Cornell Corporate Card  The corporate travel card is a personal liability credit card that is used for the payment of Cornell business-related expenses only.  The bill is sent directly to you as the cardholder, and you will be responsible for remitting payment directly to the financial institution (US Bank).  The card has certain benefits that have been negotiated by the university. For example, there is no annual fee. Note - The cardholder's agreement with the financial institution requires that purchases and cash advances be for Cornell business-related expenses only.

Business Related Expenses  Goods or services that foster or support the ongoing missions of the university, which, based on University Policy 3.14, Business Expenses, may be charged to a university account. Some examples related to business travel are transportation, lodging, and meals.

Eligibility  The criteria to apply for a Cornell Corporate Card are:  Your position at the university requires business travel at least once per year and/or you regularly host business meals  You have been authorized to apply for a travel card by your supervisor and your unit's business manager  You have completed an application and agreed to the financial institution's Cardholder Agreement  You have not previously held a corporate card with a balance that reached 180 days past due.  Note: If you have only an occasional need to pay for business-related expenses, contact the business office, because other payment options may be available.

Authorized Users  The individual named on the card is the only authorized user of the Corporate Card.

Payment Schedule  Payments must post to US Bank by the 15th of each month.  Not paid by due date of first statement.  Balance is 30 days past due.  Cornell’s contract with US Bank waives the late fee.  Bank will send a payment reminder letter at 45 days past due.  Not paid by due date of second statement.  Balance is now 60 days past due.  Late fee is 2.5% of entire past due amount.  Account is suspended.  US Bank will begin collection efforts. (cont. on next page)

Payment Schedule  Not paid by due date of third statement.  Balance is 90 days past due  Late fee is 2.5% of entire past due amount.  Account remains suspended.  US Bank will continue collection efforts.  The Office of Credit Card Programs will send a courtesy reminder to cardholder copying the supervisor, Associate Dean for Administration & Finance, and UFSC Director.  Continued non-payment.  Late fees continue to accrue at 2.5% of entire past due balance each cycle.  **Once the account reaches 180 days past due, Cornell incurs a penalty equal to the amount of the balance due.  **The amount charged to Cornell will be billed to the cardholder’s unit.  Cardholder is now ineligible for any other card product offered through Cornell University’s Credit Card Programs.  US Bank continues collection efforts and will report the debt to the major credit bureaus.

Misuse of the Corporate Card  Any misuse of the corporate card or failure to pay, may result in:  Suspension, permanent closure of the corporate card account.  Ineligibility for any other card product offered through Cornell’s Credit Card Programs (i.e. procurement card).  Notification of non-payment to Supervisor and Associate Dean of Administration/College Business Officer.  Penalty to Cornell - Balance at 180 days past due, billed to your Department/Unit. (You as the cardholder are still liable to US Bank for the balance).  Disciplinary action.

Questions  Any questions regarding Cornell’s corporate card should be directed Diane Cross